Moneysoft also announced a partnership with data connecting platform Xeppo.

Developed by Adelaide-based firm Opex Consulting, Xeppo connects information from across existing platforms to give advisers a holistic view of their entire client base.

Opex Consulting managing director Paul Campbell said, “The integration with Moneysoft brings in new information about clients’ assets and liabilities. When that’s combined with data from the other systems a practice uses, it gives a complete picture resulting in a stronger ability to understand their clients and provide tailored recommendations.”

Head of technology and operations at Moneysoft Jon Shaw said Moneysoft’s open architecture makes the integration with Investfit and Xeppo possible.

“The financial services sector is undergoing a period of innovation driven by low-cost cloud computing and a broad endorsement of open data principles, including by the Productivity Commission and a lower house government committee,” he said.

“Open data empowers consumers with greater control over their information, helping them drive their financial wellbeing – that’s at the heart of what Moneysoft is all about.”